Commentary on Ten Trillion and Counting

Topics: Economics, Federal government of the United States, Tax Pages: 2 (669 words) Published: November 26, 2012
Commentary on “Ten Trillion and Counting”
The video is a well demonstration of debt issues that the U.S. government faces. It starts with the tough economic condition that Obama inherited from Bush. Then, it talks about Bush’s centerpiece economic agenda: cut taxes, as well as the way Bush always put politics ahead of economics. After a serious of expenses related to two big wars; two enormous tax cuts; and a variety of new entitlement program signed by Bush had been spent, the economic began to go down. He not only squandered the entire budget surplus he had inherited, but started to confronting a stubborn recession and a steadily escalating budget deficit. Next, the video shows the bitterly partisan fight over Obama’s expensive economic recovery plan. The Republicans worried about if the plan goes well, they will get no credits for anything they have done. So they strongly disagree with this huge amount of recovery expenses. The main issue regarding of this plan is about reform healthcare in order to save money in the long run. However, it is difficult to persuade interest groups and politicians who have been battling over healthcare for a long time. Besides, it is especially tough to talk to Americans about the government are going to spend less on benefits in a recession time. In the end, this video talks about Obama’s budget, and the rigorous debt deficit condition that the U.S. is going through. The reason I think the “Ten Trillion and Counting” is a well explanation of the debt deficit is because I learned a lot from this video. Before I watched this video I have no idea about the serious debt deficit problem that the U.S. is facing right now. The only thing I realized from my personal experience is that the U.S. government has relaxed the policy regarding to the threshold of international student. Several years ago, it is not easy for Chinese student to go abroad. Which reflects that the U.S. government really wants to stimulate the economy by...
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